Swiss people spend significantly more on Christmas presents again – but buy fewer US products

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• Swiss consumers are spending an average of CHF 341 on Christmas presents this year – a considerable increase of 21% compared with the previous year (CHF 282).
• 42% feel that current price rises, health insurance premiums and rents are having a major impact on their own financial situation. Nevertheless, 58% do not want to change their consumer behavior.
• Bricks-and-mortar retail continues to dominate overall, with a market share of 63%. At 37%, online retail remains one of the strongest sales channels.
• 40% have opted not to buy US products as Christmas gifts on account of the tariff sanctions.
• One in six state that artificial intelligence is either a fairly or very important factor when deciding on presents.
• Swiss online shops and marketplaces enjoy a fairly high to high level of trust at 90% and 85%, respectively; for foreign online shops and marketplaces, it is only 38% and 36%.

Zurich, Bern, 4 December 2025 – The annual Christmas survey conducted by the auditing and consulting firm EY Switzerland and the SWISS RETAIL FEDERATION, the umbrella organization for the Swiss retail sector, shows that spending earmarked for Christmas presents is up 21%, a significant increase on the previous year. After spending an average of CHF 282 in 2024, Swiss consumers plan to spend CHF 341 per capita on Christmas presents this year. This is almost equivalent to the record level of 2022, when an average of CHF 343 was spent per capita. For men, the budget for Christmas presents increased significantly to CHF 384, up from CHF 298 last year. There was also a sharp increase for women, from CHF 268 to CHF 300 per capita. 790 adult consumers in Switzerland were surveyed in November.

High prices, health insurance premiums and rents making consumers cautious in their spending

42% of consumers surveyed perceive a very strong or strong impact on their own financial situation due to the current price situation – and rising health insurance premiums and rents in particular. In the previous year, the figure was 47%. 10% of respondents claim they are no longer able to offset the additional costs by saving elsewhere (previous year: 12%). On a positive note, 58% of consumers say they do not need to change their consumer behavior. This is down from 53% in the previous year. For 7% (previous year: 6%), rising costs are not having any impact on their consumer behavior.

Consumers in Switzerland are reacting accordingly: almost one in ten (8%, compared with 10% in the previous year) are buying only the bare essentials and a further 17% (no change from the previous year) are significantly limiting what they buy. For 38% (previous year: 36%), the reasons mentioned are having a moderate effect on their own behavior; although they limit what they buy, they occasionally treat themselves to something special. For 24% (previous year: 22%), the reasons are having a minor impact on their behavior; they pay more attention to price and sometimes go without. Only 13% of consumers (previous year: 15%) say they are not changing their shopping behavior.

Tariff sanctions and geopolitical events leave their mark

Given the current global geopolitical situation (global wars and conflicts), more than one in three (34%) want to spend less on Christmas presents. 60% will spend the same amount. Women in particular express their intention to save money here: at 37%, the proportion of female consumers who want to reduce their spending on Christmas presents in view of the challenging geopolitical risks is significantly higher than among male consumers (31%).

A similar picture emerges with regard to US tariffs: 30% of consumers surveyed say they will reduce their spending on Christmas presents this year because of the impact of US tariff sanctions on Switzerland. The critical attitude towards US products is clearly expressed: four out of ten consumers questioned (40%) want to boycott US products in this year’s Christmas trading season against the backdrop of the restrictive US tariff policy towards Switzerland. Only 28% of those surveyed clearly do not want to do this. Almost one in three (32%) have not yet formed an opinion on this topic.

André Bieri, Markets Leader Switzerland at EY Switzerland, said: “Higher median salaries coupled with a successful investment year have led to consumers spending more on purchases for special occasions, such as Christmas presents. Nevertheless, it should be noted with caution that a large proportion of consumers are still having to limit themselves when shopping as a result of higher healthcare and rental costs. The aggressive US tariff policy towards Switzerland is likely to have an impact on Swiss consumer behavior for some time to come.”

All generations loosening the purse strings for Christmas gifts

A turnaround in consumer sentiment is evident in terms of spending on Christmas presents across all generations. Young and old want to spend considerably more this year. Respondents aged 36–45 are the least impressed by crises and tariff sanctions. At CHF 424, they want to spend 50% more money on gifts than in 2024, when they wanted to cut their budget by a further 16%. A strong positive trend can likewise be seen among the other generations: 46–55s are increasing their budget by 10% (previous year: +3%), 56–65s by 13% (previous year: -5%) and those over 66 by 10% (previous year: +3%). The youngest age group, i.e. those aged 35 or under, has an average Christmas budget of CHF 309, which is 26% more than in the previous year. Families with children want to spend an average of CHF 449 on Christmas presents this year – CHF 95 (or 27%) more than a year ago. Childless couples and singles are likewise planning to set aside more money for presents than in the previous year (up 17% in each case).

Commenting on the trend, Dagmar Jenni, Director of the SWISS RETAIL FEDERATION, said: “2025 has been a tough year for the Swiss retail trade so far. We are therefore all the more pleased that there are signs of a turnaround in consumer sentiment for Christmas in that many seem willing to loosen the purse strings. This year, people want to treat themselves and their loved ones without having to rein in their spending. “

The presents most commonly found under the Christmas tree

This year, the most popular gifts once again come from the familiar categories. Gift vouchers and money remain the most popular Christmas presents in Switzerland at 44% (previous year: 41%). Toys rank second at 37% (2024: 35%), followed by food/confectionery at 34% (2024: 31%). The other places were taken by clothing at 33% (previous year: 32%), printed books at 30% (previous year: 26%) and cosmetics at 25% (previous year: 25%). André Bieri remarked: “These rankings and the further increase in the number of presents being given confirms the trend of recent years towards gifting useful and sustainable items, as well as those that can be used day to day or would need to be purchased anyway. Cash gifts that allow recipients to buy themselves something they need or want have been the number one choice for years.”

This year, consumers in Switzerland are once again spending by far the largest amounts on gift vouchers/money and toys: On average, this is expected to be CHF 62 for gift vouchers and CHF 47 for toys. Clothing (CHF 33) and food/confectionery (CHF 29) are ranked third and fourth.

Most consumers surveyed (19%) want to spend between CHF 301 and 500 on presents. 18% budget between CHF 101 and CHF 200 for their purchases, 12% set aside between CHF 201 and CHF 250 and 13% between CHF 251 and CHF 300, while 12% would like to spend CHF 50 to CHF 100. 5% have no more than CHF 50 put by for presents. More than one in six respondents (16%) want to spend between CHF 500 and CHF 1,000, up from just 9% of Swiss consumers a year ago.

Bricks-and-mortar retail remains dominant and online earns the most per surveyed channel

In terms of sales channels, the picture this year is almost the same as in the previous year. With an expected market share of 63%, bricks-and-mortar retail – all channels taken together except online – remains the dominant channel in Christmas trading. On average, consumers in Switzerland want to spend CHF 215 on bricks-and-mortar retail in this year’s Christmas trading season, an increase of around 21% compared with the previous year (CHF 178). According to the survey results, CHF 126 is to be spent on online retail (+21%). At a constant 37%, online retail has the largest expected market share compared to the individual channels. In second place are shopping centers and department stores, with a market share of 28% – almost the same as in the previous year (29%). The specialist stores have an expected market share of 22% (previous year: 21%), while supermarkets account for 6%.

The expected market shares are also in line with the responses of the respondents: 41% of them say they prefer to shop at the local retailer (previous year: 42%), while 27% prioritize online shopping (previous year: 25%). Among online shoppers, those who regularly use domestic online marketplaces predominate (58%). Almost half of online shoppers surveyed (49%) also regularly use a domestic online shop. Foreign online marketplaces (42%) and online shops (22%) are less popular. At any rate, at least 85% of the consumers surveyed in Switzerland state that they have at least a “fairly high” level of trust in domestic online shops and marketplaces. In contrast, only 36% of those questioned have a “fairly high” level of trust in foreign online shops and marketplaces.

Commenting on this, Dagmar Jenni said: “This year, customers are once again preferring to use bricks-and-mortar retailers for their Christmas shopping. Retailers and on-site staff are still the best at creating a pleasant, reflective and festive shopping environment. With regard to online shopping, we are of course pleased that domestic online marketplaces and shops are much more trusted than foreign ones. When you think of the many unsafe, harmful or counterfeit products or fake shops, this feedback comes as no surprise.”

Sustainability suffers, AI is (still) a marginal phenomenon

Interest in and, consideration of, sustainability aspects is declining. 77% of consumers surveyed in Switzerland say that sustainability aspects are only a minor factor, if any, this year when selecting gifts and celebrating Christmas. Sustainability aspects are irrelevant for 35% (previous year: 30%).

For the over-65 age group in particular, they are a major factor, with almost a third of respondents (31%) attaching great importance to them. At 14%, the proportion is lowest in the 36–45 cohort, while 41% state that it is not a factor at all.

One in six (15%) of consumers surveyed in Switzerland say that artificial intelligence currently plays a very important (4%) or fairly important (11%) role for them in deciding on presents. 32% consider artificial intelligence to be fairly unimportant in this context. At 85%, a clear majority of respondents attribute little or no importance to AI when it comes to making decisions about gifts.

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EY’s organization is represented in Switzerland by Ernst & Young Ltd, Basel, with 10 offices across Switzerland, and in Liechtenstein by Ernst & Young AG, Vaduz. In this publication, “EY” and “we” refer to Ernst & Young Ltd, Basel, a member firm of Ernst & Young Global Limited.

About the SWISS RETAIL FEDERATION

SWISS RETAIL FEDERATION represents the Swiss retail sector without the two largest cooperative retail organisations. It represents 2,300 companies spread across 6,800 locations in Switzerland. Its members generate over CHF 26 billion in turnover and employ around 62,000 people. Web portal: www.swiss-retail.ch